数字化转型对国有企业运营效率的影响:理论机制与实证检验  

The Impact of Digital Transformation on Operational Efficiency of State-Owned Enterprises:Theoretical Mechanism and Empirical Test

作　　者：彭欣怡 PENG Xin-yi(Beijing University of Posts and Telecommunications,Beijing 100876,China)

机构地区：[1]北京邮电大学,北京100876

出　　处：《科技创新发展战略研究》2025年第2期54-66,共13页Strategy for Innovation and Development of Science and Technology

基　　金：国家自然科学基金面上项目“政治基因对企业责任式创新的作用机制与影响效果研究”(72172016)。

摘　　要：在数字经济蓬勃发展的背景下,数字化转型已成为提升企业运营效率的关键,尤其对国有企业而言,数字化转型进程直接影响其运营效率和核心竞争力。以2011—2023年中国A股国有控股上市公司为样本,综合运用最小二乘法(OLS)、倾向得分匹配法(PSM)及工具变量法(IV)等多种计量方法,实证检验了数字化转型对国有企业运营效率的影响,深入探讨了融资约束在其中的中介作用,以及企业成长性和股权集中度所发挥的调节作用。研究结果表明:数字化转型显著提升了国有企业的运营效率,其中,融资约束起到显著的中介作用,企业成长性具有正向调节作用,而股权集中度则表现出负向调节作用。研究结论为国有企业推进数字化转型战略、提升运营效率提供了理论依据和实践指导。In the context of the vigorous development of the digital economy,digital transformation has become the key to improving the operational efficiency of enterprises,especially for state-owned enterprises,the process of digital transformation directly affects their operational efficiency and core competitiveness.Taking China's A-share state-controlled listed companies from 2011 to 2023 as a sample,this paper empirically examines the impact of digital transformation on the operational efficiency of state-owned enterprises by using a variety of econometric methods such as least squares(OLS),propensity score matching(PSM),and instrumental variable method(IV),and deeply explores the mediating role of financing constraints,and the moderating effect of enterprise growth and equity concentration.The results show that digital transformation significantly improves the operational efficiency of state-owned enterprises and between the two,financing constraints play a significant mediating role,enterprise growth has a positive moderating effec,while equity concentration has a negative moderating effect.The research provides a theoretical basis and practical guidance for state-owned enterprises to promote digital transformation strategies and improves operational efficiency.

关 键 词：数字化转型 企业运营效率 融资约束 企业成长性 股权集中度 国有企业 

分 类 号：F276.1[经济管理—企业管理]